The Struggle to
Build Trust Online
However, identity verification during onboarding is just
the start. As customers engage in high-risk or high-
value transactions, businesses may need additional
layers of verification and authentication.
Different use cases, along with each customer’s
unique set of identity attributes and risk profiles,
create complexities for global businesses. Adaptable
and robust methods for identity verification can
help businesses maintain online trust in a diverse
environment.
Where problems arise are businesses with inefficient
and risk-prone verification processes and the internet.
As transactions grow in volume and complexity,
customers expect seamless services. Meanwhile,
regulators are calling for greater insight into
transactions and will hold organizations responsible for
missing or incorrect identity information. Weak identity
systems are also prime targets for hackers.
How does the internet play a part in all this? It lacks a
critical identity layer that would solve these complex
problems. While there are layers of protocols and
methodologies for transporting data over networks,
there is no protocol for transporting assurance. As
a result, there is no standardized way to establish
that an individual is who they say they are for online
transactions.
Identity companies have created countless solutions
to establish trust, from basic data verification to
sophisticated biometric authentication. Individually,
these solutions fail to solve the internet’s fundamental
problems with identity. They lack the robustness
and flexibility to battle evolving fraud, comply with
multiplying regulations, meet increasing demands for
a smooth user experience and provide accessible
digital services.
Trust is needed for digital economies
to thrive. It provides the assurance
that global businesses need to offer
customers goods and services securely.
Verifying digital identity as part of the onboarding
process is the first step toward building that trust.
By affirming a customer is who they say they are,
companies can confidently allow customers to begin
transacting online.
Organizations may want to look for
ways to reimagine identity to keep pace
in the fast-changing digital economy.
Looking at problems and solutions in a
new, more holistic way can help create
that missing identity layer.
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Trulioo — White Paper